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WirelessDevNet.com Press Release
Garmin® Completes Acquisition of GPS GmbH
CAYMAN ISLANDS - Garmin Ltd. (NASDAQ: GRMN) announced today that it has completed the acquisition of GPS Gesellschaft für Professionelle Satellitennavigation mbH, the exclusive distributor of Garmin’s consumer products in Germany. The company will be renamed Garmin Deutschland GmbH and will retain its management, sales, marketing and supporting staff, consisting of approximately 60 people, and will continue operations at its current headquarters and warehouse facilities located close to Munich.
“The acquisition of Garmin Deutschland GmbH will further solidify our sales and distribution efforts in a very important European market,” said Dr. Min Kao, chairman and CEO of Garmin Ltd. “We believe that there is significant potential for further growth in Germany, and Garmin Deutschland GmbH will enhance our ability to support our key retailers and OEMs in that market.”
Dr. Axel Därr, Managing Director of Garmin Deutschland GmbH, added, “As a new member of the Garmin family we are now able to operate with increased efficiency as an integrated part of the whole team. We are looking forward to the continued development of Garmin’s market position in Germany.”
In January 2007, Garmin Ltd. acquired its French distributor in a similar effort to enhance its European sales and marketing presence.
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